Month: May 2023

Coinbase share price spikes 7.9% as Q1 results beat expectations

boss

Crypto exchange Coinbase managed to significantly narrow its net loss in the first quarter of 2023, due in part to robust earnings from retail investor trading activity. The companyโ€™s net loss fell from $557 million in Q4 2022 to $79 million in Q1, partly attributed to a 22% increase in revenue to $736 million. The results beat expectationsย from some analysts, leading to a 7% spike in Coinbaseโ€™s (COIN) share price in after hours trading. Coinbaseโ€™s (COIN) share price. Source: Google Finance. Transaction revenue โ€” derived from fees its charges for…

3% Tax on BTC and Other Crypto Transfers Part of Kenya’s Proposed Budget: Bloomberg

“Digital assetโ€ includes anything of value that is not tangible and cryptocurrencies, token codes, and numbers held in digital form and generated through cryptographic means or otherwise, by whatever name called, providing a digital representation of value exchanged with or without consideration that can be transferred, stored or exchanged electronically; and a non-fungible token or any other token of similar nature, by whatever name called; and the income derived from transfer or exchange of a digital assetโ€ means the gross fair market value consideration received or receivable at the point…

El Salvador Eliminates All Taxes on Technology Innovations, AI, App Programming โ€“ Taxes Bitcoin News

boss

El Salvadorโ€™s president, Nayib Bukele, has enacted a law that eliminates all taxes on technology innovations, software and app programming, AI, computer, and communications hardware manufacturing. The law is expected to boost the countryโ€™s technology sector, generate more jobs for its population, and attract foreign investment. Bukele Signs Law to Boost Technology Industry in El Salvador The president of El Salvador, Nayib Bukele, announced Thursday on Twitter: Iโ€™ve just signed into law the Innovation and Technology Manufacturing Incentives Act that eliminates all taxes (income, property, capital gains, and import tariffs)…

Montana governor signs pro-cryptocurrency mining bill into law

boss

Greg Gianforte, the governor of Montana, has signed into law a bill largely preventing local governments in the state from passing laws prohibiting cryptocurrency mining. According to records with the Montana legislature, Gianforte signed S.B. 178 into law on May 2 after the bill had passed both the state House and Senate. The legislation effectively enshrines crypto minersโ€™ rights in the state by revising existing laws, prohibiting discriminatory electrical rates for mining firms and not allowing taxation for crypto used as a method of payment. The latest version of the…

Wrapping Up Consensus 2023

What was also really fascinating to me is that my colleagues, who donโ€™t necessarily have to address regulatory issues, also called out regulation as a key topic. Both Nick Baker, CoinDeskโ€™s deputy editor-in-chief and Ben Schiller, CoinDeskโ€™s managing editor for Consensus Magazine, mentioned regulatory issues in the same column. The other contributors included CoinDesk reg team reporters Cheyenne Ligon and Amitoj Singh. Source

Chatgpt โ€˜Is the New Crypto,โ€™ Meta Says Malware Actors Exploit AI Craze โ€“ Security Bitcoin News

boss

A growing number of malware creators are now taking advantage of the significant interest in Chatgpt to lure victims, Facebook owner Meta has noticed. According to its head of information security, the AI-based chatbot is โ€œthe new cryptoโ€ for bad actors and the social media giant is preparing for various abuses. Malware Inspired by Chatgpt Is on the Rise, Facebookโ€™s Parent Company Says Meta, the corporation behind Facebook, has found that malware purveyors are now exploiting public interest in Chatgpt, Openaiโ€™s chatbot powered by artificial intelligence (AI), to entice users…

New White House standards strategy could have implications for crypto industry KYC

boss

The administration of United States President Joe Biden released a national standards strategy for critical and emerging technologies on May 4. The strategy stated that the U.S. would prioritize standards development in eight areas. Among the prioritized areas are โ€œdigital identity infrastructure and distributed ledger technologies, which increasingly affect a range of key economic sectors.โ€ย  โ€œDistributed ledgerโ€ is a synonym for blockchain. Digital identity is โ€œthe unique representation of a subject engaged in an online transaction,โ€ according to a National Institute of Standards and Technology (NIST) document now under review.…

Decentralized Exchange DEX SushiSwap Rolls Out V3 Liquidity Pool on 13 Chains

The version (v)3 concentrated liquidity pools will become available on popular chains, including Ethereum, Arbitrum and Polygon, BSC and Avalanche. The launch aims to expose liquidity providers to larger trading volumes and liquidity while reducing exposure to financial risks. The pools are designed to offer greater flexibility to traders, SushiSwap business development lead Alex Shefrin told CoinDesk. Source